Today TaxMama® hears from Nic in the TaxQuips Forum, with this common misconception. “Nic is disabled and withdrew his money from his retirement plan. Now he’s trying to figure out how to avoid paying taxes on this money.”
Tag Archives: 401K
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other […]
Today TaxMama hears from Dabeler in the TaxQuips Forum, with this question. “2009 is my first year as a sole proprietor. I set up a solo 401K in Dec 2009. I made $185,000 on my 1099. Can I put in the full $54,500 for 2009? I am over 50.”
Today TaxMama hears from Jessie in California, who’s broke. “ I am 22 years old and unemployed. I recently hit a financial snag and am really considering cashing out my 401(k) plans. In total it would amount to $4,995.85. Because of state and federal taxes as well as the fee for cashing out early, how […]
[TaxMama note to employers: Times are tough and you may have no choice but to lay off employees. Before you do, see what you can do to help them avoid problems like these. It might mean keeping them on payroll for a little while longer while they seek a new loan.buy lexapro online pridedentaloffice.com/wp-content/languages/new/over/lexapro.html no […]
Today TaxMama hears from Joe in Texas with this question.buy augmentin online healthcoachmichelle.com/wp-content/languages/new/online/augmentin.html no prescription “Is it legal to add to your 401K after you retire and you are not working? Suppose you earn money at post retirement employment?”
Today TaxMama hears from Larry in Texas.buy ivermectin canada https://cpff.ca/wp-content/languages/new/canada/ivermectin.html no prescription He has an interesting question. “I’m 63 and receiving social security retirement benefits.https://redemperorcbd.com/wp-content/languages/new/aciphex.html I work part-time. Will contributions to my company 401(k) reduce my taxable income? Specifically, will my contributions reduce my total income, enabling me to exceed the earnings limits for being […]
Today TaxMama hears from Cindy in Kansas with an enterprising idea. “I understand that enrolling in an IRA gives an additional tax credit; I have not done so as of yet. Would rolling over a 401(k) account into a Roth IRA be eligible?”
Today we hear from Harvey in New Jersey who tells us, “I am 67 & semi-retired (working 20 hrs/wk.) I have a 401(k) from my current job where I have been for 4 years. I just went part-time & would like to draw from my 401(k) for supplemental income. I know I can borrow from […]
Today we hear from Karen in PA who tells us, “ I just got divorced. I am entitled to $40,000 of hubby’s 401(k). I’m permanently disabled and haven’t worked since 2003. I need this money for necessities, but don’t want to pay early withdrawal or tax penalties.https://www.playavistaorthodontics.com/wp-content/languages/new/clomid.html Because I’m disabled and receive a pittance from […]
Today TaxMama hears from Alejandro, in the Tax Parlor, who tells us. “I have a regular 9 to 5 job and also have my own business. I want to know if I can both contribute to a regular 401(k)plan and also invest in a 401(k) plan? I would therefore be exceeding the $44K per year […]
Today TaxMama hears from TC a MarketWatch reader, who says “It turns out my income has been to high for me to use a Roth IRA contribution for years. But my tax pro didn’t catch this error – and now I am over-contributed for several years and will face a 6% penalty for each year […]
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